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Income and Taxes
| Question | Answer |
|---|---|
| A sum of money paid regularly to a person, typically to meet specified needs or expenses. | Allowance |
| paid entirely or partially with commissions from sales one has made or for work one has done | Commissions |
| An amount that is or may be deducted from something, esp. from taxable income or tax to be paid. | Deduction |
| A person who relies on another, esp. a family member, for financial support. A person who relies on another, esp. a family member, for financial support. | Dependent |
| The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
| Money derived from paid work. | Earned Income |
| A person employed for wages or salary, esp. a nonexecutive. | Employee |
| A person or organization that employs people. | Employer |
| The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents. | Exemptions |
| An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax... | Federal Income Tax |
| Federal Insurance Contributions Act. | FICA |
| An individual's total personal income before taking taxes or deductions into account | Gross Income |
| Money received, esp. on a regular basis, for work or through investments. | Income |
| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare... | Medicare Tax |
| An individual's total personal income AFTER taking taxes or deductions into account | Net Income |
| The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on... | Social Security Tax |
| (W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,... | W-2 Form |
| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... | W-4 Form |
| 1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". | Withholding |
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or unappropriated profit or retained earnings. | Accumulated Earnings |
Created by:
Ckillings